Marine Link
Friday, March 29, 2024
SUBSCRIBE

Lng Prices News

05 Mar 2024

Singapore's Temasek Shortlists Saudi Aramco, Shell in Sale of Pavilion Energy Assets

© vladsv / Adobe Stock

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

05 Feb 2024

Asia LNG Imports Are Robust, But Record Supply Keeps Spot Prices Muted

© vladsv / Adobe Stock

The spot price of liquefied natural gas (LNG) is continuing to meander at low levels amid ample supply from major exporters and signs that winter demand is easing in the top-importing regions of Asia and Europe.The spot price for LNG delivered to north Asia ended at $9.60 per million British thermal units (mmBtu) in the week to Feb. 2, up slightly from the seven-month low of $9.50 the previous week.Spot LNG prices have broken their usual seasonal pattern of rising during the northern winter and again in summer…

15 Jan 2024

QatarEnergy Stops Red Sea LNG Shipping Due to Attacks

© vladsv / Adobe Stock

QatarEnergy, the world's second largest exporter of liquefied natural gas, has stopped sending tankers via the Red Sea although production continues, a senior source with direct knowledge of the matter told Reuters on Monday.Yemen's Iran-backed Houthi group has since November been attacking vessels in the Red Sea, part of a route that accounts for about 12% of the world's shipping traffic, in what they say is an effort to support Palestinians in the war with Israel.At least four tankers used to carry Qatari LNG were held up over the weekend after U.S.

19 Dec 2023

Some LNG Carriers Avoiding the Red Sea as Attacks Increase

© Wojciech Wrzesień / Adobe Stock

Several liquefied natural gas (LNG) vessels have changed their courses in recent days to avoid the Red Sea region amid maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.The Red Sea is linked to the Mediterranean by the Suez Canal, creating the shortest shipping route between Europe and Asia, and is connected to the Gulf of Aden by the Bab-el-Mandeb strait between Yemen and Djibouti. About 12% of world shipping traffic transits the canal.But attacks in recent days on ships along the route have led companies such as oil major BP…

19 Dec 2023

How Could Red Sea Attacks Affect Oil and Gas Shipping?

© Vallehr / Adobe Stock

Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world's main East-West trade route, following attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea.The attacks raised the specter of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.IS THE RED SEA ROUTE IMPORTANT FOR…

19 Dec 2023

Shippers Mask Positions, Weigh Options Amid Red Sea Attacks

© Image'in / Adobe Stock

A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.The Red Sea is linked to the Mediterranean by the Suez Canal…

20 Dec 2023

BP Pauses All Shipments Through Red Sea Amid Houthi Attacks

© vladsv / Adobe Stock

Oil prices were little changed on Tuesday as investors eyed the impact on oil supply after attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Brent crude futures rose 6 cents to $78.01 a barrel at 0726 GMT. The front-month U.S. West Texas Intermediate crude futures contract , which expires on Tuesday, fell 18 cents to $72.29 a barrel. The more active second-month contract dropped 10 cents, or 0.1%…

19 Dec 2023

Disruptions in Red Sea Unlikely to Have Large Effects on Oil, LNG, Goldman says

© vladsv /Adobe Stock

The disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and liquefied natural gas (LNG) prices as vessel redirection opportunities imply that production should not be directly affected, Goldman Sachs said.Oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Oil major BP temporarily paused all transits through the Red Sea and oil tanker group Frontline FRO.OL said on Monday its vessels would avoid

08 Nov 2023

US Working with Allies Over Sanctions on Russian Arctic LNG Project

© KKF / Adobe Stock

The Biden administration is working closely with partner countries over sanctions on a Russian liquefied natural gas project in the Arctic as a January deadline looms on a wind down of transactions with the plant, a State Department spokesperson said on Wednesday.The U.S. imposed sanctions last week on the Arctic LNG-2 project in Russia as part of wide-ranging measures to punish Moscow for the war in Ukraine. The Office of Foreign Assets Control, part of the Treasury Department, also issued a general license that authorizes the wind down of transactions involving Arctic LNG-2, through Jan.

01 Nov 2023

US October LNG Exports Climb to Second Highest Level on Record

© Wojciech Wrzesień / Adobe Stock

U.S. liquefied natural gas (LNG) producers ramped up exports in October, to 7.92 million metric tons, according to data provider LSEG, the second-highest monthly level on record.Exports were just shy of the record 8.01 million metric tons in April this year, and were up from 7.12 million metric tons in September, when plant maintenance reduced U.S. production.The U.S. was the world's largest exporter of LNG in the first half of this year, according to the Energy Information Agency, ahead of Qatar and Australia.

22 Aug 2023

Asian Buyers May Seek US LNG if Australian Disputes Worsen

© moofushi / Adobe Stock

Major Asian buyers of LNG could seek US cargoes in the coming weeks if worker-related disputes at key LNG facilities in Australia escalate, analysts said, as electricity demand continues surge due to warm weather.Uncertainty over labour disputes at western Australian facilities run by Woodside Energy Group and U.S. major Chevron have spurred Asian LNG prices to their highest in five months, and analysts say they could rise further.As many as 700 workers at the Australian facilities could potentially down tools over pay and job security, the first of them as early as Sept.

03 Aug 2023

India's GAIL Close to Finalizing Qatar LNG Purchase Deal

Credit: Anatoly Kolodey/AdobeStock

GAIL (India) Ltd is close to finalizing a long-term liquefied natural gas (LNG) import deal with Qatar to buy at least 1 million metric tons per year, potentially for more than 20 years, three industry and trade sources said.The deal would be part of GAIL's plans to lock in new supply contracts by 2030 to diversify its gas imports and hedge against supply disruptions like those seen after Russia's invasion of Ukraine last year, when LNG prices surged to a record high.Neither state…

12 Jul 2023

Shell, BP Pursue Arbitration Claims Against Venture Global LNG

© Björn Wylezich / Adobe Stock

Top LNG traders Shell and BP have separately filed for arbitration against U.S. exporter Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared, four people familiar with the matter said.A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Last month, the company said it was in full compliance with terms of its long-term contracts and cited a need for extensive commissioning of its modular…

19 Jun 2023

Dredging: Keeping the Mississippi Open

(Photo: USACE)

“Not only does the top of the river move, but the bottom of the river also moves.” - James Bodron, U.S. Army Corps of Engineers, Mississippi Valley Division, Regional Business Director.Dredging was the Herculean act that allowed much of the U.S. economy to keep chugging along as usual, at least for Midwest and Central states, as drought conditions threatened to shut down river traffic on the Mississippi River and its tributaries, during fall and winter 2022 and early 2023.The full scope of these U.S.

26 May 2023

Asian Spot LNG Prices Slide for Fifth Straight Week

© Anatoly Kolodey / Adobe Stock

Asian spot liquefied natural gas (LNG) prices have weakened for the fifth consecutive week on muted demand due to healthy stocks, remaining at their lowest level in two years.The average LNG price for July delivery into north-east Asia was down 3% from the previous week at $9.50 per million British thermal units (mmBtu), the lowest since early May 2021, industry sources estimated."North Asia remains largely void of demand. Prices have continued to walk down week-on-week and support hasn't been helped by Japanese utilities selling into an already weak market…

19 May 2023

Asian Spot LNG Prices Slip to Two-year Low

© Nicola / Adobe Stock

Asian spot liquefied natural gas (LNG) prices slipped to their lowest level in two years on weak demand and high inventories, while European LNG prices also fell below the $10 mark amid healthy stock build and limited need for additional supply.The average LNG price for July delivery into northeast Asia was down 6.6% from the previous week at $9.8 per million British thermal units (mmBtu), the lowest since May 2021, industry sources estimated."Prices continue to linger sub $10 as general demand remains lacking…

14 Mar 2023

Wave of New LNG Export Plants Threatens to Knock Gas Prices

© NPershaj / Adobe Stock

A flood of liquefied natural gas (LNG) export projects due online worldwide in mid-decade will vie against lower-cost renewable energy and a revived nuclear power sector, which could rock gas prices and hurt some proposed projects, analysts say.Proposed and approved new LNG plants would boost LNG supply by 67% increase to 636 million tonnes per annum (mtpa) by 2030 from 2021 levels, potentially saturating the gas market."There's over a trillion dollars of natural gas infrastructure being built in the world today.

21 Feb 2023

Fire-damaged Freeport LNG Receives Approval for Partial Restart

(File photo: Freeport LNG)

Freeport LNG, the second largest U.S. liquefied natural gas exporter, said on Tuesday it had received regulatory approval to restart commercial operations at its Texas processing plant.The U.S. Federal Energy Regulatory Commission (FERC) approved the partial restart of two liquefaction trains, two tanks, and one loop and dock each, a filing showed on Tuesday. Restart of a third train, along with a tank, a loop, and a dock, would require additional permission."The second LNG berth and third LNG storage tank are expected to return to service in May," Freeport said.The closely-held U.S.

15 Nov 2022

Freeport LNG Blames Valve Testing Faults for June Accident

(File photo: Freeport LNG)

Freeport LNG pointed to deficiencies in safety valve testing and operating procedures as the root causes of a pipeline explosion that shut its export plant in Texas on June 8, according to a report released on Tuesday.The fiery explosion at the Texas Gulf Coast plant, the second-largest in the U.S., caused global liquefied natural gas (LNG) prices to spike amid falling Russian supplies to Europe and other outages. The report did not indicate when the plant, which supplies 20% of U.S.

04 Jan 2023

Future Fuels: 275 Altenative Fuel Ships Ordered in 2022

MAN ES will start testing its ammonia fueled engine in Q1 2023, and on Maritime Reporter & Engineering News' recent visit to
the MAN ES R&D center in Copenhagen, Bjarne Foldager, Senior Vice President, head of two stroke business at MAN ES, said he
sees a rapid uptake on methnol in the coming years, with 2035 anticipated as a 'tipping point' toward ammonia. Photo of
the MAN ES ammonia engine. Look for the full report in the January 2023 edition of Maritime Reporter & Engineering News. Im

The total number of ships with alternative fuels ordered in 2022 was 275 (excluding battery operated vessels), according to  numbers released today from DNV viat its Alternative Fuels Insight report.In addition, more than 50 LPG carriers have been ordered with LPG dual fuel systems. Predictably, LNG led the way with 222 ships or 81 % of total orders. Seventy-four percent of these orders were for container vessels and Pure Car and Truck Carriers (PCTCs), while product tankers came in third representing 9 % of orders.

01 Nov 2022

U.S. LNG Exports Dip in October

©alexlmx/AdobeStock

U.S. exports of liquefied natural gas (LNG) in October remained capped by plant outages, with producers shifting more cargoes to Asian buyers last month, according to Refinitiv Eikon tanker monitoring data, after of a pipeline leak cut supplies from Malaysia. LNG prices recently have cooled with Europe's gas storage levels rising to over 90% of target capacity and a slow start to winter. In Asia, however, a declaration of force majeure on gas supplies by Malaysian state-energy company Petronas PETR.KL  has LNG customers in Japan scrambling for alternative cargoes.

27 Oct 2022

High LNG Prices Spur Demand for Dual-fuel Tankers - Executive

©alexlmx/AdobeStock

Even as liquefied natural gas (LNG) is seen as a key transitionary fuel for bunkering, soaring prices of the super-chilled fuel have led to higher demand for ships with dual-fuel tankers, said an industry executive. The global shipping industry is seeking to reduce its reliance on oil as it tries to meet carbon emission reduction targets set out by the U.N.'s International Maritime Organization. These include cutting carbon emissions by 40% from 2008 levels by 2030, and overall greenhouse gas emissions by 50% by 2050."We believe that LNG will be one of the major fuels for bunkering.

02 Dec 2022

Freeport Pushes Texas LNG Export Plant Restart to Year End

© Anatoly Kolodey / Adobe Stock

Freeport LNG on Friday again delayed the restart of the second-biggest U.S. liquefied natural gas (LNG) export facility, pushing start-up plans for its Texas plant to the end of the year, pending regulatory approval.In November, the company said it was on track to restart the plant in mid December and get most LNG production back in January with a return to full service in March.Freeport shut the plant on June 8 after an explosion that energy consultants said was the result of human error…